European Union to adopt an embargo against imports of Syrian oil

August 26/2011

(Arabian Oil and Gas) -- The
Assad regime's response to demonstrations has prompted additional sanctions from
the US and EU. European Union governments are likely to adopt an embargo
against imports of Syrian oil "by the end of next week" to ratchet up pressure
on President Bashar al-Assad, an unnamed EU diplomat told the Reuters news
agency on Wednesday.

The bloc’s 27 governments agreed last Friday to explore new sanctions
against Assad in response to his five-month crackdown on pro-democracy
demonstrators, in which the United Nations says 2,200 civilians have been
killed. Earlier this month the US urged the EU to stop importing Syrian oil
after introducing its own oil sanctions. A round of discussions was held in
Brussels on Monday, the diplomat said, and EU capitals raised no objections.

An oil embargo would constitute a major step for the EU, where several
governments have been reluctant so far to target Assad’s oil industry because of
concerns over potential damage to their commercial interests when the Eurozone
teeters on recession.

Syria produces about 400,000 barrels of oil a day, exporting most of
about 150,000 barrels per day to European countries, particularly the
Netherlands, Italy, France and Spain. Oil accounts for around 30% of government
revenues and it vital to the financial health of the Assad regime.